As you may have read, Dubai has asked it's creditors for a temporary stay from it's debts in order to re-liquify it's financial position.
From what I've read about the crisis in Dubai, it seems to be a result of the regions over-extension of leveraging in it's attempt to develop itself too quickly.
Dubai has received alot of attention from it's amazing developement of indoor ski-slopes, man-made islands and world's tallest tower.
Just recently I read that the United Arab Emerites bank system will back Dubai to provide liquidity to the region.
I have to tell you, though. Some of the development I've seen in the area (online anyway) is really amazing. It makes me think what the city/state will look like 20-30 years from now.
